According to a report by the UK's Financial Times on October 9, SoftBank Group founder Masayoshi Son is seeking to raise up to $100 billion from Gulf investors to further expand his enormous bet on artificial intelligence. People familiar with the matter said Son has held discussions with several senior Gulf figures, including those in the United Arab Emirates, over the past few weeks regarding the potential financing.
Use of Funds: Acquire Companies, Then "Transform" Them with AI
Unlike SoftBank's previous model of injecting capital directly into AI companies, the purpose of this fundraising has taken a new direction. According to people familiar with the matter, Son plans to use the money to **establish a buyout fund** — first acquiring companies, then using AI and other advanced technologies to improve their operations.
SoftBank's robotics and physical AI business Roze is expected to play a key role in this process. Son hopes to list Roze at a high valuation, making it the "tool layer" for AI-driven transformation of traditional industries.
This strategy marks an extension of SoftBank from "investing in AI technology" to "using AI technology to transform existing assets." If implemented, it would be the world's largest "AI + M&A" fund.
History Repeating: the "Gulf Memory" of the 2017 Vision Fund
This is not the first time Son has relied on Gulf capital. In 2017, SoftBank's first Vision Fund reached a size of $100 billion, with the UAE sovereign wealth fund Mubadala and Saudi Arabia's Public Investment Fund (PIF) as core investors.
As of the end of June 2026, the first Vision Fund had accumulated investment gains of about $29 billion; the second fund, backed mainly by SoftBank's own capital and holding a stake in OpenAI, recorded gains of $20.5 billion.
Gulf states have been allocating wealth to AI on a large scale in recent years. Abu Dhabi has become one of the world's largest investors in AI through platforms such as the dedicated AI fund MGX and the AI holding company G42.
Why the Urgency? SoftBank's Debt Ceiling and OpenAI's Delayed IPO
The backdrop to this fundraising is the multiple funding pressures SoftBank faces.
Debt capacity approaching its limit. Last month, SoftBank completed the largest high-yield junk bond issuance in its history, raising more than $11 billion at yields of up to 9.75% to fund its investment in OpenAI. As of the end of June, SoftBank's loan-to-value ratio was 13%, well below its 25% ceiling target, but the market has already grown doubtful about its ability to take on further debt.
OpenAI delays its IPO. SoftBank has poured a cumulative total of about $64.6 billion into OpenAI, holding roughly a 13% stake. But OpenAI has postponed its much-anticipated IPO to 2027, meaning SoftBank cannot cash out in the short term through the secondary market, and the leverage pressure on its cash flow continues to accumulate.
Market concerns intensify. SoftBank's share price has fallen by more than 30% from its June peak. Earlier reports said OpenAI's annualized revenue was about $20 billion lower than previously signaled, and after the news emerged SoftBank shares fell 5% in a single day.
Analyst Warns: Knock-on Effects Could "Deteriorate Sharply"
An Asia-based analyst issued a warning about SoftBank's AI exposure: "The knock-on effects... could deteriorate sharply in a short period of time" — because a large share of SoftBank's investments are directly or indirectly tied to OpenAI and the AI sector, and once OpenAI's valuation suffers a sharp decline, the spillover impact should not be underestimated.
Son himself has taken a tough stance toward skeptics, saying in July this year that "people who denounce AI are spitting at the sky." But he recently also acknowledged that if AI is used by "bad actors," it "could become extremely dangerous."
Conclusion
$100 billion is Son's largest AI fundraising effort to date, and another extreme expression of his "win big or lose it all" investment philosophy.
The strategic intent behind this fundraising is worth pondering: a shift from "investing in AI" to "using AI to transform traditional industries." If successful, SoftBank will no longer be merely a shareholder in AI companies, but the "general contractor" for bringing AI technology into real industry — by acquiring companies, injecting AI capabilities, raising valuations, and then exiting for a profit. This could be a new path for AI to move from "technology narrative" to "industrial monetization."
But the risks are equally enormous. SoftBank's debt leverage has approached a critical point, OpenAI's delayed IPO means its largest AI asset cannot be cashed in in the short term, and whether Gulf investors are willing to once again pay for Son's "high-stakes gamble" remains unknown. The success of the 2017 Vision Fund was built on a "window period" in which the AI concept had not yet been fully priced in; in the 2026 AI market, valuations are already at historic highs.
Son is betting on the long-term narrative that "AI will transform everything." But the market is examining the pace at which every AI story delivers with an ever-shorter time window.